Copper set to snap 10-week winning streak on White House tariff hesitation
Copper was set to snap a 10-week winning streak , despite a marginal Friday rise, after Reuters reported that the White House had yet to decide on refined copper tariffs, triggering a sharp drop from record highs. Three-month copper on the London Metal Exchange was down about 1% for the week after falling more than 4% from the $14,875 a metric ton peak hit on Thursday. On Friday, the contract…
Copper is poised to end a 10-week winning streak following reports of potential tariff hesitation from the White House, according to Reuters. The price of three-month copper on the London Metal Exchange fell about 1% for the week, having dropped over 4% from its $14,875 per metric ton peak on Thursday. The most-traded copper contract on the Shanghai Futures Exchange declined by 2.82% to 108,580 yuan ($16,180.85) per ton, marking a week-over-week loss of approximately 0.5%.
White House officials are deliberating on whether to implement refined copper tariffs, weighing the potential increase in manufacturing costs against the possible boost from encouraging domestic mining. The White House's decision has thus far removed some of the tariff premium from copper prices, making shipments to the US uneconomical as copper stocks in COMEX warehouses reached 767,664 short tons.
The reversal in the market has also eased tightness in London. The premium for cash copper over the three-month contract narrowed to $5 a ton from $41 on Thursday. Other metals, such as aluminum, zinc, lead, nickel, and tin, also experienced mixed movements in the market.
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